THOMAS FRERES: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
THOMAS FRERES
Largest movements
- Receivables within one year +€200,465
up €200,465 (+44.9%), from €446,199 to €646,664
of which Trade receivables: +€200,465
- Tangible fixed assets -€92,293
down €92,293 (-16.6%), from €557,639 to €465,346
of which Land and buildings: -€54,293
- Cash +€84,577
up €84,577 (+56.6%), from €149,425 to €234,001
mainly Net result for the year (+€149,940) and Trade debts (+€110,226)
- Stocks and contracts +€78,717
up €78,717 (+11.4%), from €691,488 to €770,205
- Reserves +€149,900
up €149,900 (+13.5%), from €1.1m to €1.3m
of which Distributable reserves: +€149,900
- Trade debts +€110,226
up €110,226 (+81.5%), from €135,297 to €245,523
- Tax, wage and social debts +€52,589
up €52,589 (+85.2%), from €61,735 to €114,324
of which Taxes: +€39,689
- Other debts -€44,740
down €44,740 (-10.0%), from €448,572 to €403,832
- Gross operating margin +€253,921
up €253,921 (+59.5%), from €426,575 to €680,495
- Taxes +€57,288
up €57,288 (+84223.0%), from €68 to €57,357
- Staff costs +€14,051
up €14,051 (+4.2%), from €338,393 to €352,444
- Depreciation -€9,001
down €9,001 (-8.9%), from €101,294 to €92,293
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,878,709 | €2,146,724 | +€268,015 | +14.3% |
| Fixed assets | 21/28 | €561,134 | €469,841 | -€91,293 | -16.3% |
| Tangible fixed assets | 22/27 | €557,639 | €465,346 | -€92,293 | -16.6% |
| Land and buildings | 22 | €387,289 | €332,996 | -€54,293 | -14.0% |
| Plant, machinery and equipment | 23 | €98,101 | €80,195 | -€17,906 | -18.3% |
| Furniture and vehicles | 24 | €72,249 | €52,155 | -€20,094 | -27.8% |
| Financial fixed assets | 28 | €3,495 | €4,495 | +€1,000 | +28.6% |
| Current assets | 29/58 | €1,317,575 | €1,676,883 | +€359,308 | +27.3% |
| Stocks and contracts in progress | 3 | €691,488 | €770,205 | +€78,717 | +11.4% |
| Stocks | 30/36 | €691,488 | €770,205 | +€78,717 | +11.4% |
| Amounts receivable within one year | 40/41 | €446,199 | €646,664 | +€200,465 | +44.9% |
| Trade receivables | 40 | €396,267 | €596,732 | +€200,465 | +50.6% |
| Other amounts receivable | 41 | €49,932 | €49,932 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €149,425 | €234,001 | +€84,577 | +56.6% |
| Deferred charges and accrued income | 490/1 | €30,464 | €26,013 | -€4,451 | -14.6% |
| Total equity and liabilities | 10/49 | €1,878,709 | €2,146,724 | +€268,015 | +14.3% |
| Equity | 10/15 | €1,233,105 | €1,383,045 | +€149,940 | +12.2% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Capital | 10 | €120,000 | €120,000 | = | 0.0% |
| Issued capital | 100 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €1,113,040 | €1,262,940 | +€149,900 | +13.5% |
| Non-distributable reserves | 130/1 | €12,000 | €12,000 | = | 0.0% |
| Legal reserve | 130 | €12,000 | €12,000 | = | 0.0% |
| Distributable reserves | 133 | €1,101,040 | €1,250,940 | +€149,900 | +13.6% |
| Profit (loss) carried forward | 14 | €65 | €105 | +€40 | +60.7% |
| Amounts payable | 17/49 | €645,604 | €763,679 | +€118,075 | +18.3% |
| Amounts payable within one year | 42/48 | €645,604 | €763,679 | +€118,075 | +18.3% |
| Trade debts | 44 | €135,297 | €245,523 | +€110,226 | +81.5% |
| Suppliers | 440/4 | €135,297 | €245,523 | +€110,226 | +81.5% |
| Taxes, remuneration and social security | 45 | €61,735 | €114,324 | +€52,589 | +85.2% |
| Taxes | 450/3 | €27,776 | €67,465 | +€39,689 | +142.9% |
| Remuneration and social security | 454/9 | €33,959 | €46,859 | +€12,900 | +38.0% |
| Other amounts payable | 47/48 | €448,572 | €403,832 | -€44,740 | -10.0% |
| Remuneration, social security and pensions | 62 | €338,393 | €352,444 | +€14,051 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,294 | €92,293 | -€9,001 | -8.9% |
| Other operating charges | 640/8 | €23,302 | €27,666 | +€4,365 | +18.7% |
| Non-recurring operating charges | 66A | €15,579 | - | -€15,579 | |
| Gross operating margin | 9900 | €426,575 | €680,495 | +€253,921 | +59.5% |
| Operating profit (loss) | 9901 | -€51,992 | €208,093 | +€260,085 | |
| Financial income | 75/76B | €5,624 | €430 | -€5,195 | -92.4% |
| Recurring financial income | 75 | €299 | €130 | -€169 | -56.6% |
| Non-recurring financial income | 76B | €5,325 | €300 | -€5,025 | -94.4% |
| Financial charges | 65/66B | €1,068 | €1,226 | +€158 | +14.8% |
| Recurring financial charges | 65 | €1,068 | €1,226 | +€158 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | -€47,436 | €207,296 | +€254,732 | |
| Income taxes | 67/77 | €68 | €57,357 | +€57,288 | +84223.0% |
| Profit (loss) for the period | 9904 | -€47,504 | €149,940 | +€197,444 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47,504 | €149,940 | +€197,444 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.